New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1887-06-25
STOCKS FALL WITH A BANG
BROKERS WILD WITH EXCITEMENT:
A BIG BREAK IN MANHATTAN ELEVATED STOCK
GOULD STOCKS GENERALLY wEAK-No REASON
ASSIGNED FOR THE DECLryE-WHAr


GOULD STOCKS GENERALLY wEAK-No REASON
ASSIGNED FOR THE DECLISE-wHAr
LARGE OPERATORS THINK.
Wall Street yesterday experienced what was
commonly called panic That term was employed
by most people hccausc the Intense dulnc>s of the
stock market has given lictltious Importance to
fluctuations, anil whereas O few years ago drop
of two Or three per cent in values accepted q,
o natural variation, it has recently been looked
upon an important movement. The panic was
notable principally because it excited no alarm
among the conservative houses in the Street, and
after all the smashing Of prices done, no fail
uros were announced and none seemed irpcnding.
Numerous theories were discussed to explain this
anomaly, but the only agreement apparently possi-
BILE was this: That the break Of last December
had taught a good many brokerage houses tho
danger and foolshness OF carrying speculative stocks
except on fat margin and scnsiblc stop order.
But the Stock Exchange did have O lively time
for while tremendous business was done
between IL o'clock and noon and the transactions
from 10 TO 12 o'clock exceeded the record made in
the next three hours The total record Of the day
exceeded the score OF any otler day this year,
allowing for trades that may not have been noted
yesterday or on the few previous active days of
1887. The market opened tame, but as rule
called Gould stocks some weakness was developed,
and Missouri Pacific began to sag 1t increased its
speed downward after sales at 105, and after
breaking l04 went hopping to o. Western Union
Telegraph stock quickly responded to the tendency
Of this stock and went down to 67lo
Manhattan Elevated meantime had attracted Ut
tention, first by sale of nearly IL 900 shares at
156 q and then by quick weakening that swept
Its price to 115. These movements had their
natural effect the general market, and for about
an hour before the sellers Of stocks v0cifef
ously offered everything down to per cent before
the brokers who were buying had absorbed the
amount in sight. Rumors spread instantly through
Wall Street: "Cy1us Field Is failed; "Fied and
Gould have quarrelled'-yes, even this: "Gould
is dead" Stocks held on narrow maryfns were
pitched overheard holders who had been tired out
by the stagnaon of speculation gave their selling
orders in despair and the chronic bears kept mes.
sengeIs busy with carrying selling orders from Office
to the Exchange.
ALL THE RUMORs PROMPTLY DENIED
"Who has fai,ed p was the first question on
the lips of casual observers Of the tape that runs
out the quotations mo one, was the usual
reply, and the conservative members Of tho
street couldn't think Of any who was liable to
tail. Some rumors were banded about affecting
Henry S. Ives g. Co., but the trouble suggested in
that direction generally linked with the fall
ure Of the Fidelity National Bank Of Cincinnati.
Mr. Ives promptly and emphaticaly denied tho
reports and repudiated all ideas that he or his
firm was liable to embarrassment by any stock tum-
be or monetary furry. The umor Of Mr.. Gould's
death was carried by reporter OF one Of the news
agencies to a director Of the Western Union Tele-
graph Company, who had left Mr.. Gould five
minutes before. p
1t didn't take long to quiet apprehensions in
that direction. In fact it complained by
some hurt bulls that Mr. Gould was entirely too
we'll and there even were people who thought thai
Mr. Gould's friends were entirely too cheerful in
view OF the slaughter Of the stocks identified with
his name When the work Of cOntradicting rumors
had been pretty thoroughly done the excitement
In the Stock Exchange subsidized Prices
recoy cred large part OF the decline OF tho
morning, and the recovery in the temper OF tho
average habitue of the Street was even greater.
"Its good shake up said some Of the brokers
who have been fighting shy Of the market for
some weeks and the prevailing sentiment among
most OF the commission houses was more bullish
than has been the case recently.
Money rates were high in consequence OF the
shifting Of loans nccessitated by the rapid fuctua-
tions. and commissions" were paid at rate that
might we'll discourage the legislators who have
tried to make loans above per cent Illegal j"
1t asserted by brokers that there had been
an unnecessarily sudden calling Of loans by some
banks and some large operators, and 1t was even
limited that this proceeding had connection with
the CONSPICUOUS weakness Of some stocks in the
market At the Consolidated Stock and Petroleum
Exchange some sales under the rules were made
for lack Of marsin giving rise tc unwarranted
reports of failures. There were no suspensions,
and the calls for margins were made good by
those affected after the sales had been completed
EXPLAINING THE DROP IN MANHATTAN.
The fall in the prlcd Of Manhattan Elcv eteG
stock started rumors, but it caused little
SUNRISE and no CONSERVATION in nearly all the
offices in Wall Street. The principal point of dis
c,ission was whether Cyrus w. Field had been
hurt by the decline, but 1t generally believed
that the shrinage represented the loss OF no real
proits to him. Russell Sage after closing hours
called attention to the quotations and said that
he could only account for the fall In Manhattan BY
tho fact that tho bears had been laying out care
hl scheme to "go for Mr.. Field, and they had at
last sprung their scheme.
.sButs said Mr.. Sage, "Mr Field is all right.
He Is undisturbed and has secured himself for all
contingencies lie Is all right. The plan to .
drive him into corner has failed The drop was
only temporary, as you see-'
Mr. Field went into his office at p m. and
smiled serenely when asked about Manhattan.
There is no trouble about this matter, he said.
IL don't know what's the cause of this DROP There
has been talk Of quarrel between Mr.. Gould MIR.
Ssge and myself, but there is not q word Of
truth In it,
Have you sold much stock? ?'
IT have not sold share and don't intend to-
"Do you think Manhattan will 90 back to where
1t wasf" >.
" That Is my impression. I don't see. why i
shouldn't. No. :his drop lis not due, as far as |
can see, to any anticipated strfneencyin tle
money market There Is plenty of wheat being
shipped abroad and plenty Of gold coming In.
don't see any reason for alarm
jaw Gould was seen at his office by TRIBUNEre.
porter. Mr.. Goulds manner and appearance belied
N heen circu lated in WALL Street